Planning to buy your first house is a fun and exciting experience. There is a curiosity to explore new places and connect to new people. But, what lies behind this excitement is the anxiety of leaving behind your well-established property. There has to be a lot of research and assessment to take this biggest and expensive decision of life.
It is important to note that wanting to buy a home and being able to buy it are two different things. Many people dream of buying a home but might not be financially ready for it. And, the ones getting into the impulsive buying mode are then later seen repenting for it.
Here are some 5 major things to consider so that you can have an excellent home buying experience as a first-timer –
The first and foremost thing to consider while you plan to shift to a new place is whether you actually want to invest in the ownership of a property or being on rental would be equivalent good for you.
You should assess your needs first and then decide according to your prevailing circumstances. Buying a new home may be your long-term desire but the benefits of taking home on rent can’t be overlooked too.
Having a pre-defined budget in mind is essential for shortlisting the suitable options. People often find themselves stuck in a situation where they desperately want to buy a home but aren’t sure of their paying capacity.
So, to get started, calculate the price you are ready to pay for investing in a new property and stick to it. Take into account the maintenance costs as well to arrive at a precise estimation.
Usually, the owners have a tendency to overvalue their properties and keep the price range on a higher notch. However, these prices are most of the times negotiable and should not be the deciding factor for the buyers. It’s a mistake to compare these sales prices and move on with your decision.
The sellers are always mentally prepared that even though they are asking for ‘x’ amount, it is not necessary that they will get the same price. So, try out your hands on negotiating the offer.
This is one of the important things to do before you close the deal with the seller of the house. As a smart buyer, make sure you conduct a thorough home inspection before you make a purchase offer. Look out for the interiors and exteriors of the building carefully and inspect if everything is in place.
If there is a faulty foundation, structural errors or need for any repairs, ask the seller if it can be corrected or not. The seller may or may not agree to repair, which can be further adjusted in the price you pay.
Nothing works as great as arming yourself with a person who is an expert in this field and can help you in getting a step closer to your dream home. With great knowledge of the area and the neighborhoods, the agents are in a better position to help you in finding the right home and buy it.
A reliable real estate agent stands by you until the closing of your deal and sometimes even beyond.